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3 <br /> sale of the Bonds and the distribution of the Official Statement pursuant thereto with such <br /> changes, if any, as may be deemed by her to be appropriate. <br /> Section 16. Disposition of Bond Proceeds; Refunding Plan and Procedures. <br /> (a) Reserve Account. The portion of the Bonds, if any, designated by the Chief <br /> Financial Officer shall be deposited into the Reserve Account which shall be, together with the <br /> balance therein, sufficient to meet the Reserve Requirement. <br /> (b) Refunding Plan. A portion of the proceeds of sale of the Bonds, together with <br /> other funds, if any, provided by the City shall be delivered to the Escrow Agent for the purpose <br /> of defeasing the Refunded Bonds and paying related costs of issuance. Money received by the <br /> Escrow Agent from Bond proceeds and other money provided by the City shall be used <br /> immediately by the Escrow Agent upon receipt thereof in accordance with the terms of the <br /> Escrow Agreement to defease the Refunded Bonds as authorized by the 2003 Bond Ordinance <br /> and the 2005 Bond Ordinance, respectively, and pay costs of issuance of the Bonds. The City <br /> shall defease the Refunded Bonds and discharge such obligations to purchase certain <br /> Government Obligations (which obligations so purchased, are herein called "Acquired <br /> Obligations"), bearing such interest and maturing as to principal and interest in such amounts <br /> and at such times which, together with any necessary beginning cash balance, will provide for <br /> the payment of: <br /> (1) Interest on the Refunded Bonds as such becomes due on and prior to the <br /> Call Date; and <br /> (2) The redemption price (100% of the principal amount) of the Refunded <br /> Bonds payable on the Call Date. <br /> -53- P.\20287 CM20287 9RC 01/02/13 <br /> 60 - IM - <br />